Robinhood's Kerbrat pushes tokenization as memecoins rule its token-less L2

Robinhood Crypto SVP Johann Kerbrat says the firm’s tokenization work is “just the beginning,” choosing to direct focus to the network’s technical infrastructure over issuing a token. 

The network is currently focusing on its new stock tokens, which give users access to 24/7 onchain versions of equities like Nvidia and Apple. 

Does Robinhood Chain have a token? 

Per Cryptopolitan’s earlier reporting, Robinhood Chain decided to deviate from the strategy of most networks and shipped without a native token. It is a permissionless, EVM-compatible layer-2 built on Arbitrum’s tech stack that settles to Ethereum and charges gas in ether. 

Robinhood’s focus for the chain is its new Stock Tokens, which are 24/7 onchain versions of equities like Nvidia and Apple. They give users economic exposure but no legal claim on the actual shares. They are available in over 120 countries, but not to U.S. persons. 

Cryptopolitan reported OAK Research findings that more than 99% of the chain’s trading volume has come from memecoin activity. A cat-themed token named CASHCAT, a nod to Robinhood’s old mascot, climbed more than 5,500% in a week toward a roughly $200 million market cap.

CoinDesk’s July review of the network found that the memecoin and stablecoin market dwarfs the tokenized real-world assets, which account for $12.81 million on the chain, with about $10.68 million of it in stocks. 

Tenev, who told CNBC six days ago that assets without utility “do not serve a lasting purpose,” posted that the chain “works great for memes too” and followed the CASHCAT account. 

Robinhood Chain’s hot start 

DefiLlama currently lists Robinhood Chain’s total value locked at about $536 million, with a stablecoin market cap near $634 million and 24-hour DEX volume around $440 million. 

Ethena’s USDe has ballooned from roughly $17 million a month ago to about $253 million, near 43% of the chain’s stablecoin supply. 

On July 13, data from Growthepie showed the network clearing more than 7 million daily transactions to edge past Coinbase’s Base.

However, until the subsidy runs out in September, Robinhood will cover gas for eligible wallet users on swaps, bridges and perps for the first 90 days.

Cryptopolitan reported that Robinhood reported $100 million in second-quarter crypto transaction revenue, down 38% year over year, while prediction markets pulled in $156 million and outpaced crypto for the first time. Total net revenue still rose 32% to $1.31 billion.

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